Illinois Estate Planning Firm in Libertyville
Serving Individuals & Families in the Greater Chicago Area
At Evans Legacy Law Group LLC, we understand that the topic of estate planning can be daunting. It's a subject that forces us to confront our mortality and consider what will happen to our loved ones after we're gone.
Because of this, many people choose to avoid confronting an estate plan altogether. According to experts, approximately only about one-third of Americans have a will or another type of estate plan.
The lack of an estate plan can put you and your loved ones at significant risk. Without an estate plan, you leave the distribution of your assets up to the state's intestacy (inheritance) laws, which may not align with your wishes.
This could lead to potential disputes among your loved ones, unnecessary taxes, and even the possible loss of assets. Additionally, without proper planning, decisions about your healthcare and finances could be left in the hands of strangers if you become incapacitated.
Our highly experienced team is here to guide you through this complex process. Our attorneys focus on crafting comprehensive estate plans tailored to your unique needs and goals. We strive to make the process as straightforward and stress-free as possible, providing skilled advice and support every step of the way. Whether you're just considering an estate plan or need help updating an existing one, we can be an invaluable guide.
- Advanced Directive & Living Will
- Asset Protection
- Blended Families
- Business Succession Planning
- Charitable Planning
- Estate Planning for Married Couples
- Estate Planning for Minor Children
- Estate Planning When Divorced
- Estate Tax Planning
- Guardian Conservator Nominations For Children
- Healthcare Proxy Lawyer
- HIPAA Release
- Nearing Retirement
- Peak Earning Years
- Power of Attorney
- Probate & Estate Administration
- Schedule Of Assets
Who Should Have a Revocable Living Trust?Whether you are young or old, rich or poor, married or single, if you own titled assets such as a house and want your loved ones to avoid court interference at your death or incapacity, consider a revocable living trust. A trust allows you to bring all of your assets together under one plan.
What is a Revocable Living Trust?This is an agreement with three parties: the Trust-makers, the Trustees (or Trust Managers), and the Trust Beneficiaries. For example, a husband and wife may name themselves all three parties to create their trust, manage all the assets transferred to the trust, and have full use and enjoyment of all the trust assets as beneficiaries. Further “back-up” managers can step in under the terms of the trust to manage the assets should the couple become incapacitated or die. Special provisions in the trust also control the management and distribution of assets to heirs in the event of the trustmaker’s death. With proper planning, the couple also can avoid or eliminate death taxes on their estate. The Revocable Living Trust may allow them to accomplish all this outside of any court proceeding.
What is a Durable Power of Attorney and when do I need one?These allow you to appoint someone you know and trust to make your personal health care and financial decisions even when you cannot. If you are incapacitated without these legal documents, then you and your family will be involved in a probate proceeding known as a guardianship and conservatorship. This is the court proceeding where a judge determines who should make these decisions for you under the ongoing supervision of the court.
Estate planning is a process that involves more than just writing a will. It encompasses the management and disposal of your estate in the event of your death or incapacitation. It includes many types of documents and methods for protecting your financial and other needs and wishes, the future of those you love, and support of the causes and charities you wish to advance.
The benefits of estate planning are numerous: it provides peace of mind, reduces administrative expenses, minimizes taxes, and ensures that your wishes regarding asset distribution and healthcare are fulfilled.
At Evans Legacy Law Group LLC, we provide the following comprehensive estate planning services:
- Advance Directive/Living Will: We help you articulate your medical treatment preferences if you cannot make these decisions due to various circumstances.
- Asset Protection: Our team will develop strategies to shield your assets from potential future creditors or lawsuits.
- Estate Planning for Blended Families: We understand the unique challenges of blended families and create plans that balance the needs of everyone involved.
- Business Succession Planning: We'll help ensure a smooth transition of your business upon your retirement, disability, or death.
- Charitable Planning: We can incorporate your philanthropic goals into your estate plan.
- Durable Power of Attorney: We assist in appointing someone you trust to handle your financial affairs if you cannot do so.
- Deeds: Our team can handle all aspects of property deeds as part of your estate plan.
- Estate Planning for Divorced Individuals: We help divorced individuals revise their estate plans to reflect new circumstances.
- Estate Tax Planning: Our experts will devise strategies to minimize the impact of estate taxes on your beneficiaries.
- Guardian/Conservator Nominations for Children: We'll guide you in designating trusted individuals to care for your minor children if needed.
- Healthcare Proxy: We can help you appoint a trusted individual to make healthcare decisions on your behalf if you cannot do so.
- HIPAA Release: We assist in preparing necessary authorizations for your healthcare providers to disclose your medical information to designated individuals.
- Estate Planning for Married Couples: We provide tailored planning services to protect and distribute assets according to married couples' wishes.
- Planning for Minor Children: We help parents set up guardianships or trusts for the financial well-being of their minor children.
- Nearing Retirement: We provide comprehensive planning services for individuals approaching retirement.
- Peak Earning Years: For those in their peak earning years, we offer financial and estate planning services to maximize wealth and minimize taxes.
- Schedule of Assets: We help you create a detailed inventory of your assets as part of your estate plan.
- Probate & Estate Administration: We guide executors and beneficiaries through the probate process and handle estate administration tasks.
- Retirement Planning: We help individuals prepare for a secure and comfortable retirement.
- Singles Estate Planning: We provide personalized planning services for single individuals to protect their assets and plan for the future.
- Trusts: Our team can set up various types of trusts to address your specific needs and goals.
- Wills: We assist in drafting and updating wills to ensure your assets are distributed according to your wishes.
Work with Proven Legal, Financial & Business Professionals
Our team takes pride in providing comprehensive estate planning services tailored to each client’s unique needs and goals. With many options available, we bring extensive experience, having worked with thousands of clients, to create thoughtful and practical plans.
Our team boasts backgrounds in the legal, financial, and banking sectors and executive-level leadership experience in Fortune 100 companies. This diversity lets us approach estate planning from various angles, ensuring we consider all aspects of your financial life.
Whether you're just starting the process or need to update an existing plan, you can trust Evans Legacy Law Group LLC to provide sound advice and exceptional service. We're here to help secure the legacy you want to leave behind.